Both of the following conditions must be met in order for a fund to be considered a major fund; these include: 1) total assets, liabilities, revenues, or expenditures of the individual governmental fund constitutes 10% of the total for the governmental funds category, and 2) total assets, liabilities, revenues, or expenditures of the individual governmental fund are 5% of the total of the governmental and enterprise categories combined.
Both of the following conditions must be met in order for a fund to be considered a major fund; these include: 1) total assets, liabilities, revenues, or expenditures of the individual governmental fund constitutes 10% of the total for the governmental funds category, and 2) total assets, liabilities, revenues, or expenditures of the individual governmental fund are 5% of the total of the governmental and enterprise categories combined.
ReplyDeleteAlso, a governement may make any fund major if it would be useful to report that fund seperately.
DeleteIn addition to the above, funds that are considered non-major are usually amalgamated and reported under a single column.
ReplyDeleteAnd the opposite of major funds is non-major funds.
ReplyDelete